PRE MARKET ANALYSIS OF NIFTY AND BANK NIFTY FOR 03 MAY 2024
SORRY EVERY ONE HOME COMMITMENT MEDICAL EMERGENCY.
03 May 2024
WORLD MARKETS
1. US markets is looking bearish with all the indices looking bearish.
2. Asia and Europe is mixed .
INDIA VIX AND GIFT NIFTY
1. India VIX is at 13.4 . It has resistance at 14. Any drop in VIX may result in more upside and less premium volatility. It will support option seller.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking bullish.1530 is a good support. 1548 remains a strong resistance.
2. ICICI Bank has closed above 1135.6. So 1135 remains a strong support. Any break of this will be bearish. 1120 is a good support.
3. Reliance is choppy and is consolidating. 2935 Is a good support and 2965 is the resistance.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22610 - 22685: NO TRADE.
2. NIFTY OPEN ABOVE 22685: Wait for a consolidation and break above 22730 decisively.
3. NIFTY OPEN BELOW 22610 : Wait for a consolidation and break above 22650. However if the break down happens below 22550 sell.
4. BANK NIFTY OPEN BETWEEN 49125 - 49350: No Trade.
5.BANK NIFTY OPEN ABOVE 49350 : Wait for a consolidation and break above 49530 decisively.
6. BANK NIFTY OPEN BELOW 49120 : Wait for a consolidation and break below 49000 decisively. Tgt 48650.
DISCLAIMER
1. I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGSITERED FINANCIAL ANALYST FOR ANY TRADE RELATED QUERY. THE AUTHOR OF THIS ARTICLE HOLDS NO LIABILITY FOR ANY TRADE TAKEN BY THE READER.
03 May 2024
WORLD MARKETS
1. US markets is looking bearish with all the indices looking bearish.
2. Asia and Europe is mixed .
INDIA VIX AND GIFT NIFTY
1. India VIX is at 13.4 . It has resistance at 14. Any drop in VIX may result in more upside and less premium volatility. It will support option seller.
INDEX HEAVY WEIGHTS
1. HDFC Bank is looking bullish.1530 is a good support. 1548 remains a strong resistance.
2. ICICI Bank has closed above 1135.6. So 1135 remains a strong support. Any break of this will be bearish. 1120 is a good support.
3. Reliance is choppy and is consolidating. 2935 Is a good support and 2965 is the resistance.
TRADING PLAN
1. NIFTY OPEN BETWEEN 22610 - 22685: NO TRADE.
2. NIFTY OPEN ABOVE 22685: Wait for a consolidation and break above 22730 decisively.
3. NIFTY OPEN BELOW 22610 : Wait for a consolidation and break above 22650. However if the break down happens below 22550 sell.
4. BANK NIFTY OPEN BETWEEN 49125 - 49350: No Trade.
5.BANK NIFTY OPEN ABOVE 49350 : Wait for a consolidation and break above 49530 decisively.
6. BANK NIFTY OPEN BELOW 49120 : Wait for a consolidation and break below 49000 decisively. Tgt 48650.
DISCLAIMER
1. I AM NOT A SEBI REGISTERED TRADER. THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. PLEASE CONSULT YOUR REGSITERED FINANCIAL ANALYST FOR ANY TRADE RELATED QUERY. THE AUTHOR OF THIS ARTICLE HOLDS NO LIABILITY FOR ANY TRADE TAKEN BY THE READER.
Disclaimer
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